aig life and retirement separation

AIG's Directors are confident that a separation of Life & Retirement from AIG will create value for shareholders and benefit all stakeholders." Since late 2017, the General Insurance business has been successfully executing foundational work to reposition its portfolio and reduce volatility We help people make some of the most important decisions they're ever going to make. AIG announced Oct. 26 that it would take a restructuring step that had been suggested for years and separate the segment from its property and casualty business. Although no decisions have been made as to how to achieve a full separation, the Boards intent is to accomplish it in a way that maximizes shareholder value and establishes two independent, market leading companies. The business consists of four operating segments - Individual Retirement, AIG Retirement Services, Life Insurance and Institutional Markets - and holds . These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. Now what? A "simplified corporate structure will unlock significant value for. The companys executive management team, with assistance from independent financial and legal advisors and oversight from the AIG Board of Directors, conducted a comprehensive review of the companys current composite structure, including strategic, operational, capital and tax implications. AIG is studying the increased CAT risks in order to better price those threats going forward. Last October, management announced its intention to split the Life and Retirement business from AIG via an IPO of 19.9% of the unit. AIG Life & Retirement brings together a broad portfolio of protection, retirement savings, investment and lifetime income solutions to help people achieve financial and retirement security. As such, Fitch expects AIG Life's Prism score to remain 'Strong' in 2020. AIG Log In Applications AIG Life & Retirement is now Corebridge Financial. Zaffino will be AIG's seventh CEO since 2005. For the quarter, Life & Retirement was a strong contributor to the AIGs profitability, delivering adjusted pre-tax income of $877 million and a return on adjusted segment common equity of 12.2%. As a result of this review, executive management recommended, and the Board has decided to pursue, a separation of the Life & Retirement business from AIG. November 05, 2021 AIG plans to retain more than 50% interest in its life and retirement (L&R) business immediately after it spins off the unit, CEO Peter Zaffino said Friday. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. #249 | AIG Exits Life & Retirement By Bobby Samuelson October 28, 2020 Yesterday, AIG announced that it has made the strategic decision to exit its Life & Retirement division in order to create two distinct "market-leading" companies with AIG itself focusing exclusively on its P&C business. The life and retirement unit, which sells. NEW YORK, March 28, 2022 -- ( BUSINESS WIRE )--American International Group, Inc. (NYSE: AIG) today announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of. AIG executives bemoaned its Catastrophic (CAT) losses from several natural disasters. Zaffino, 53, who succeeds 73-year-old Brian Duperreault, will take charge in March. "Today's announcement represents continued progress as we prepare our Life & Retirement business to be a standalone company," said [] AIG Life & Retirement makes a tremendous difference in people's lives. AIG's executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. AIG has struggled to right itself after a $182 billion U.S. taxpayer bailout in 2008 to save it from collapse. Icahn, who wanted AIG to become a smaller, simpler company, demanded that AIG spin off its life insurance unit and now former mortgage insurance business. AIG also recorded a $9 million pre-tax charge in its life insurance businesses after conducting and annual review of assumptions it has used to write life insurance policies. AIG to Pursue Separation of Life & Retirement Business October 28, 2020 by American International Group, Inc NEW YORK- ( BUSINESS WIRE )-American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. He also helped to recruit a number of executives. NEW YORK, March 28, 2022--American International Group, Inc. (NYSE: AIG) today announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of its Life & Retirement business, as Corebridge Financial, Inc. when it becomes a public company. AIG posted an underwriting income of $20 million in its general insurance business in the third quarter, compared with a $423 million loss a year earlier. Average CAT losses over the last five years have been $114 billion, up 30% from the 10-year average, and 40% from the 15-year average, Zaffino said. AIG Retirement Services, founded in 1955, is a retirement services provider that serves more than one million people in public K-12, higher education, healthcare, government, and other not-for-profit organizations. Factors that could cause AIGs actual results, developments, business decisions and financial condition to differ, possibly materially, include economic conditions affecting the industries in which AIGs businesses operate, the uncertainty of regulatory approvals including in connection with any separation transaction, AIGs ability to satisfy the necessary conditions to consummate a separation transaction on a timely basis or at all, and AIGs ability to successfully separate the Life & Retirement business and realize the anticipated benefits from a separation. Copied. The life and retirement business accounted for 34% of AIG's $49 billion in 2019 adjusted revenue compared to 64% for its general insurance business and 63% of its adjusted pretax income. An initial minority sale would be for 19.9% of the business, which would allow it to benefit from $1.5 billion in foreign tax credits that the company accumulated during loss years, before eventually . We are currently updating our websites and materials to reflect this change. Certain property-casualty coverages may be provided by a surplus lines insurer. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. Our businesses can be further strengthened by separating Life & Retirement from AIG, which we believe will enable each entity to achieve a more appropriate and sustainable valuation., Douglas M. Steenland, speaking on behalf of the AIG Board of Directors, added, The Board worked closely with executive management as they conducted a comprehensive review of AIGs composite structure, and AIGs Directors are confident that a separation of Life & Retirement from AIG will create value for shareholders and benefit all stakeholders.. AIG common stock is listed on the New York Stock Exchange. There is no better place to network with the right people and solidify your business. Certain statements in this press release may include projections, goals, assumptions and statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and AIG may make related oral forward-looking statements on or following the date hereof. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. Separation of the Life and Retirement business from AIG continued, with the sale of a 9.9% equity stake for $2.2 billion in cash recently completed and an IPO on track for 2022 v No assurance can be given regarding the form that a separation transaction may take or the specific terms or timing thereof, or that a separation will in fact occur. We will be updating our websites and materials to reflect this change. Select an Option NEW YORK -- (BUSINESS WIRE)--Mar. Individual and Group Retirement net flows were negative $919 million, a significant improvement of $807 million from the prior year quarter due to a recovery from 2020 sales disruptions from COVID-19. These projections, goals, assumptions and statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. As per the AIG's board, a . These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. Great American Life and its parent, American Financial Group, announced a reinsurance deal that would send $5.7 billion in fixed annuity contracts to Global Atlantic Financial. The company reported 97 cents per share on an adjusted basis, beating analysts' estimates of 88 cents. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. AIG shares were up nearly 8% in extended trading. An expert explains, DHS launches free telehealth service for COVID-19 treatment, Gov. No assurance can be given regarding the form that a separation transaction may take or the specific terms or timing thereof, or that a separation will in fact occur. American International Group, Inc. (AIG) is a leading global insurance organization. AIG posted an underwriting income of $20 million in its general insurance business in the third quarter, compared with a $423 million loss a year earlier. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. Earlier this week, AIG officially closed a deal to sell a 9.9% equity stake in Life & Retirement to Blackstone for $2.2 billion in an all-cash transaction. All Rights Reserved. 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